RIYADH: Bitcoin is predicted to plunge to $10,000, slashing its current value roughly in half, rather than bounce back to $30,000, according to a new survey.
Sixty percent of the 950 investors who responded to the Bloomberg MLIV Pulse survey suggested that the virtual currency will further fall in the coming days. In comparison, 40 percent expected a rebound to $30,000.
It was on June 19 that cryptocurrencies, including Bitcoin and Ethereum, plummeted beyond investors’ expectations. Bitcoin dropped below $19,000 on June 19; as of July 11, it is priced at $20,539.
According to data compiled by CoinGecko, approximately $2 trillion has vanished from the market value of cryptocurrencies since late last year.
“It’s very easy to be fearful right now, not only in crypto but generally in the world,” said Jared Madfes, partner at Tribe Capital.
He also added that a further drop in the value of Bitcoin could indicate people’s “inherent fear in the market.”
Bitcoin had lost almost 65 percent since it peaked in November 2021, when the virtual currency was valued at over $68,000.